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cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't see. the president got 15 million americans to vote against him which fail to produce any type of meaningful budget in his democratic controlled snate. we are at the disco club because of the president's inability to ev a single-day tackle entitlement reform and take it seriously talk about tax reform instead of tax hike so i think the way to have honest good faith initiations is to come to the table closer together. lou: before we restructure negotiations that act have not taken place, the republican side of t
cliff. let's get straight to the politics of these developments and the rhetoric and possible economic impact of failureto resolve the issues. joining as, former spia assistant to president george w. bush, a veteran political consultant and republican pollster. let's tart, if i may, with you. do you think both sides right now are seriously ready to go over the cliff? >> i think the preside i very ready because they arereading into this election last month a mandate that i simply don't...
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the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will get a big piece of the dividends. the king of all dividends is sheldon adelson who gets $1.2 billion from sands corp dividend and his tax savings alone could be $340 million. all shareholders benefit from dividends and many of the owners and ceos have recused themselves from the dividend votes, but these companies tend to have higher insider ownership. the average insider ownership of these dividenders is around 27%. it all shows that just the threat of higher taxes is causing companies and people to take next year's income today when they can. >> yeah. it's interesting. we were talking about th
the fiscal cliff. if we go off the cliff tax rates on dividends could go from 15% to more than 43%. companies are racing to beat the tax hikes by paying dividends before december 31st and some of the biggest beneficiaries, both insiders and ceos. mickey arison is getting $89 million from carnival giving him a potential tax savings. and larry elison is getting savings around $56 million. thomas frist at hca is getting around $350 million, saving him $100 million. and kkr and bain capital will...
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Dec 4, 2012
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i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military installations. 5 colleges and universities. 11 indian tribes. the best college football team in america. it is a very special place. i would argue with your statistics. i just won reelection with 68% of the vote. having said all that, the idea that the paul ryan budget is about getting rid of social programs is ntot so. it is about saving them. these programs are going bankrupt. all are going to have to be reformed. if the president gets every tax increase he is asking for, let's just assume that he did, it would not come close to solving the budgetar
i think that fiscal cliff is just a big red herring. your district has the shortest life span in the country for women. the infant mortalithighest infay rate in the country. we follow mississippi. i think that is where you are leading the country. if the people of the united states want to see where you and the republican party -- come and look at your district. guest: i would be delighted to have people come and look at my district and then it is 14,000 farms and ranches with two military...
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that's your idea -- >> mike -- >> away from a fiscal cliff? >> congresswoman, i am a financial illiterate, can you explain to me how you have all encompassing tax reform without taking a look at tax rates? >> well, we have. we believe that we need tax reform. we'd like to look at tax rates, we'd like to look at the loopholes, the tax credits. we want a simpler, less costly tax code for america. that's important for middle class families, important for our economy. that is what's going to help get this economy growing again. but we also -- it also republicans believe it has to include the spending. and the way congress has operated in the past, you know, yeah, we'll increase revenue, but then there's never the protections, never the tough decisions to actually cut the spending, reduce the debt, and that has to be a part of this one. >> fair enough. arianna? >> congresswoman, in your thanksgiving message, twice you emphasize the need for jobs, the need for growth, and then you mentioned the deficit. what do you think we should be doing right now
that's your idea -- >> mike -- >> away from a fiscal cliff? >> congresswoman, i am a financial illiterate, can you explain to me how you have all encompassing tax reform without taking a look at tax rates? >> well, we have. we believe that we need tax reform. we'd like to look at tax rates, we'd like to look at the loopholes, the tax credits. we want a simpler, less costly tax code for america. that's important for middle class families, important for our economy. that...
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in 2013 if we fall off the fiscal cliff, dividends will be taxed at ordinary income rates so your rate on your investments is going to go up depending on your tax bracket, that means 15%, 28%, 31%, 36% or 39.6%. so the rate on your investment income could be more than double what it is right now for middle and high income earners. other companies that have paid out their dividends early, walmart, costco, dillard's -- >> so they are preparing for this? >> oh, yes. they're getting the money out early so their investors don't pay higher taxes on it. >> what is the one thing we need to know about our money today? >> ho, ho, ho, december has been the best month for stocks over the past 30 years. december has been the santa claus rally they call it. when investors square their portfolios, they close out their positions, could the fiscal cliff talks in washington kill santa claus? another reason to be mad at your policymakers. december should be a good month. it historically is. >> all right, thank you. 27 minutes past the hour. every time you send a text message it could soon be recorded. it
in 2013 if we fall off the fiscal cliff, dividends will be taxed at ordinary income rates so your rate on your investments is going to go up depending on your tax bracket, that means 15%, 28%, 31%, 36% or 39.6%. so the rate on your investment income could be more than double what it is right now for middle and high income earners. other companies that have paid out their dividends early, walmart, costco, dillard's -- >> so they are preparing for this? >> oh, yes. they're getting the...
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reality, the sooner we can avoid the fiscal cliff. obama and his allies are less willing to look at these benefits programs after his election last month. >> yeah. >> stephanie: obama possesses far more leverage than he did in the budget talks with boner last year. here we go again, right. >> you act like you won or something. >> stephanie: okay. all right. rhone in chicago. >> caller: hi, stephanie. first time caller so i'm glad i get a chance to get in and talk with you. >> stephanie: okay. >> caller: so many things to talk about, but i wanted to talk about the extremism that i see in the republican party. for me i'm an infantry officer, a software engineer. i have gone from voting republican and i lose myself as moderate republican, and conservative democrat somewhere in that -- >> stephanie: in the nuggety center. >> caller: yeah. the way this election has gone it has turned me very much to the left. the way the republicans have acted, they are turned me off from their party all together. >> stephanie: we welcome you into the soft
reality, the sooner we can avoid the fiscal cliff. obama and his allies are less willing to look at these benefits programs after his election last month. >> yeah. >> stephanie: obama possesses far more leverage than he did in the budget talks with boner last year. here we go again, right. >> you act like you won or something. >> stephanie: okay. all right. rhone in chicago. >> caller: hi, stephanie. first time caller so i'm glad i get a chance to get in and talk...
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interesting fact as you think about the fiscal cliff and what's coming, you see people responding to it in their behavior around capital gains and dividends. companies are moving up dividends into this year to help vare shareholders take advantage of the lower rate. you see and i expect you'll see more investors realizing capital gains to get lower rate this is year. there's clearly money there and there's clearly money that has if you will, interesting distributional characteristicsing money from high income folks. if you think about an overall package and the political process, trying to structure a package with a revenue goal and distributional goal, my kind of political economic prediction is you'll see those increases occur. i personally would be surprised if thetive dend rate went back up to ordinary rates. if i remember correctly, the senate passed a bill in which they'd allow us to stay at the cap gains rate plus the health reform ones. the president in his early budgets actually proposed having dividends stay the same as capital gains rather than go to ordinary rates. my gue
interesting fact as you think about the fiscal cliff and what's coming, you see people responding to it in their behavior around capital gains and dividends. companies are moving up dividends into this year to help vare shareholders take advantage of the lower rate. you see and i expect you'll see more investors realizing capital gains to get lower rate this is year. there's clearly money there and there's clearly money that has if you will, interesting distributional characteristicsing money...
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caller: looking at the we go back -- at the fiscal cliff, we go back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any income. guest: i think that is a great point. it brings up one thing we have not mentioned yet. the payroll tax cut is about to expire. if that expires, every paycheck in the country is going to go down about $1,000 on january 1st. that would hurt consumption. it would hurt the customers of businesses. the president has proposed to extend that. i think that is reasonable. we will see a firm public and keep up their opposition or they give in. we have a sleeper here that cannot be ignored. if we do not extend that, every paycheck in the country is going to go down. >> i agree -- guest: i agree. we sho
caller: looking at the we go back -- at the fiscal cliff, we go back to 2001 with the lowering of the tax rates, meant to create jobs. but in the past 10 or 11 years, we have not had any job creation whatsoever. we keep going back and hearing over and over again that it's going to cost jobs. we do not have jobs to begin with. businesses are out to make money. if consumers do not have money to spend, then you can lower their taxes to 0%. they still cannot spend because they do not have any...
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that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that will be in early january. and the tax rate for all americans. in 2001 and 2003 and then extended during the lame duck of 2010, every americans' tax rates were extended out to expire the 31st of december. every tax rate from the lowest to the highest is set to go up. some people see the problem is we're not taxing enough and so that solves the problem. to just go off the fiscal cliff and everyone will be taxed more. some say we don't take from some group and give to the other. some say go to the clinton tax rate. we had a booming economy a
that's the first part of the fiscal cliff. the second part of it is the spending decrease that this congress and the president agreed to the last summer to say we dramatically increase spending, we have to reduce that spending. that spending decrease that was agreed to had a deadline by the end of this year. if there didn't there would be across the board cuts. the house passed our spending decreases in may. the senate has yet to pass any. with that we're stuck with across-the-board cuts that...
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yesterday we discovered when john boehner released his counterproposal on the fiscal cliff that grover norquist is still very much in charge of the republican party. republicans said once again that they were absolutely unwilling to raise tax rates on the wealthiest of americans. even though they were adopted in 2001 as a temporary measure only because we had a surplus. they were temporary because ten years later, we might have a surplus. we might need the money. that's exactly the situation is today. but sadly, it is not grover norquist or mitt romney or mitch mcconnell that's running the republican party. it is still a big lobbyist by the name of grover norquist. have a good one folks!
yesterday we discovered when john boehner released his counterproposal on the fiscal cliff that grover norquist is still very much in charge of the republican party. republicans said once again that they were absolutely unwilling to raise tax rates on the wealthiest of americans. even though they were adopted in 2001 as a temporary measure only because we had a surplus. they were temporary because ten years later, we might have a surplus. we might need the money. that's exactly the situation is...